Most Canadians struggling to cut costs ahead of high mortgage payments, survey says [Video]

Three-quarters of Canadians are struggling to manage their income due to projected spikes in mortgage costs. 

A recent survey by TD Bank has indicated that, as the homeowning public continues to manage stressors tied to tariffs, the U.S.-based trade war, and the general skyrocketing cost of living, nearly half of those renewing their mortgages are bracing for an increase in payments next year. 

As a result, over 50 per cent of the survey respondents cited that their living situation will be permanently impacted, with almost 75 per cent citing they will have to overhaul their entire daily budget to keep their home. 

TD’s report noted that, despite interest rates gradually declining over the last year, these trends are still not enough to keep up with daily expenses that Canadians are struggling to manage. 

As a result of this pressure, TD’s survey reported that:

• 43 per cent of Canadians will put …